Electric vehicle (EV) makers in China experienced a decrease in insurance registrations last week, with most major brands seeing a decline in numbers. Nio Inc, which includes the Nio, Onvo, and Firefly brands, recorded 5,110 insurance registrations, marking an 18.89 percent drop from the previous week.
Nio’s flagship brand vehicles had 2,500 insurance registrations, down 16.62 percent from the previous week. Onvo, a sub-brand of Nio, saw a decrease of 21.56 percent with 1,310 units registered. On the other hand, Firefly, another sub-brand, experienced a significant increase of 54.76 percent with 1,300 units registered, possibly due to the launch of the BaaS (battery as a service) option.
In comparison, Tesla’s insurance registrations plummeted by 75.77 percent last week, with only 5,010 units registered. This decline marked the lowest figure in the past two months for the US EV maker, which operates a factory in Shanghai producing the Model 3 and Model Y vehicles.
Xpeng, Li Auto, BYD, Xiaomi, Zeekr, Leapmotor, Aito, Lynk & Co, and other EV brands also saw decreases in insurance registrations last week. Xiaomi’s EV unit, Xiaomi EV, delivered over 25,000 units in June, with the launch of the YU7 electric SUV receiving an overwhelming response from consumers.
Overall, the EV industry in China is facing fluctuations in insurance registrations, reflecting variations in delivery volumes and market demand. Despite the challenges, EV manufacturers continue to innovate and introduce new models to attract customers and drive growth in the electric vehicle market.
